California Financial responds to article in Business Week.STOCKTON, Calif.--(BUSINESS WIRE)--April 2, 1996--California Financial Holding Co. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CFHC CFHC California Family Health Council CFHC Caritas Francis Hsu College CFHC Chinatrust Financial Holding Company CFHC Central Florida Health Care CFHC Concord Feminist Health Center CFHC Central Florida Hurricane Center CFHC Community Family Health Center ), the holding company for Stockton Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , responded to a column in the April 8, 1996, issue of Business Week. The column reports that first Nationwide Bank, F.S.B., of Dallas, has expressed an interest in acquiring California Financial Holding Co. for cash at $24.00 per share. The board of directors of the company received such an expression of interest in mid-December 1995. Subsequently, the board communicated to First Nationwide that: -- it is the long-standing policy of the company to remain independent; -- it also is the policy of the board to evaluate offers to acquire the company in the exercise of its fiduciary duties Noun 1. fiduciary duty - the legal duty of a fiduciary to act in the best interests of the beneficiary legal duty - acts which the law requires be done or forborne ; -- after full consideration of the expression of interest, the board determined that continuing the company's independent operations was in the best interests of the company and its shareholders. The board necessarily reassesses its determinations periodically in the course of its on-going supervision of the operations of the company. It is a matter of long-standing company policy that it makes all required disclosures concerning its plans and operations in its written public statements and in its periodic fillings with regulatory authorities and that it does not otherwise comment on company developments or market rumors. Accordingly, in the absence of material developments, the company will have no further comment in this regard. California Financial is the parent of Stockton Savings Bank, a 22-branch institution that was founded in 1887. The bank serves as the "hometown bank" offering its customers highly personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. service in many communities throughout the Central San Joaquin Valley Noun 1. San Joaquin Valley - a vast valley in central California known for its rich farmland Calif., California, Golden State, CA - a state in the western United States on the Pacific; the 3rd largest state; known for earthquakes and the Sierra Foothills. A loan center opened in Sacramento early in 1995. CONTACT: California Financial Robert Kavanaugh, 209/948-1675 |
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